INNOVATION

Innovation Strategies

Literature Review4

Innovative Strategies5

Platform Offering5

Co-Creation5

Cycle Time Reduction6

Innovation Mutation6

Partnering7

Critical Analysis7

Risks and Innovation7

Risk Taken by Apple to Enter Mobile Phone Industry9

Failure to Innovate10

Contribution of Innovation to Modern Organizations11

Creating Value12

Dynamic Process12

Conclusion13

References16

Tables18

Executive Summary

The paper is based on the effectiveness of innovating strategies and their contribution towards modern organizations. Innovation is considered to be lifeblood for functioning of any organization. Organizations that capitalize on generation and implementation of innovative ideas tend to be more successful and stay ahead in terms of competition in the market. The paper will discuss the literature review that highlights the importance and value of innovation in terms of delivering valuable product offering to customers. The innovation strategies help companies to produce new product offering to customers, to remain competitive in the market place by offering customers with updated products and to enter in to new markets and market segments. The section of critical analysis in paper will highlight the risks that are associated with innovation or risks that companies view at the time of innovating. Most of the companies view innovating as a risk taking activity and avoid undertaking it while some companies calculate the risk factor and then view that risk as an opportunity to gain great market share and as a chance to enter in to new market. Moreover, discussion regarding failure to innovate and how companies like Motorola, RIM and Blockbuster failed to adapt the innovative strategies along with contribution of innovation towards modern organizations is also included.

Innovation Strategies

Literature Review

Innovation involves the appliance of novel explanation that meets latest requirements, incoherent requirements or the accessible wants of market. Innovation is achieved through added effective products, processes, services, technologies or thoughts that are readily available to markets, governments and society. Innovation facilitates a company in diverse ways by building their excitement of clientele, gaining competitive edge and structuring of new product collection. Mammoth planned openings are rising as today we locate at the junction of escalating globalization, swift knowledge modifications and newer way of life (Roberts 2007, pp. 35-54).

Innovation has turn out to be the chief differentiator in the race of rivalry and the inventive companies have cultured to maintain them over a longer period of time. Organizations like General Electric, Procter & Gamble and Unilever and other new companies of present digital age like Google, Apple, Microsoft and Samsung also have mastered the hymn of continual development and amending the regulations of the game throughout a succession of improvement strategies (Lawton, Finkelstein & Harvey 2007, pp. 22-29).

The innovation strategies help a company in three major ways like (1) Innovation enables company to produce new products that provide new contributions or understanding that stimulate the client. (2) Innovation helps company to remain forward of the competition in the market place by continuously providing customers with updated products. (3) Innovation helps company to enter into new market segments through continuous Research and development and creating new businesses (Anthony, Johnson & Eyring 2004, p.n.d). Each one of these proportions provides deep approach into the suitability of improvement approach at each ...